On August 10, the price of XRP briefly spiked to an astonishing $50 per coin on the Gemini exchange before rapidly correcting to its actual trading value of around $0.63 on other spot markets. This unusual event sparked discussions across social media and crypto trading communities.
Brief Price Surge on Gemini
Social media posts on X (formerly Twitter) revealed that Gemini experienced a technical glitch, causing the XRP price to display erroneously at $50. Screenshots circulated showing temporary price spikes above $1, though Gemini later adjusted its charts to reflect a peak of $1.50.
Low Liquidity and Thin Order Book
The sudden price surge was likely due to Gemini's thin order book after recently relisting XRP. Crypto analyst Ali Martinez noted that the liquidity was so low that a $37,000 order could move XRP's price by 2%.
"$XRP hit $50 on @Gemini, but now they have updated their charts to make it seem like #XRP hit $1.60. Still, the market depth on this #crypto exchange is very low."
— Ali Martinez (@ali_charts)
Observers speculated that a misplaced sell order at $50 triggered the spike. Such extreme volatility is highly improbable without significant market-moving news.
👉 Discover how liquidity impacts crypto trading
Gemini's XRP Relisting Context
Gemini rejoined other major exchanges like Coinbase, Kraken, and Bitstamp in relisting XRP after Ripple's partial legal victory against the SEC. In July 2023, Judge Analisa Torres ruled that XRP sales to the public did not violate securities laws, prompting renewed exchange support.
Current XRP Market Status
As of this writing, XRP trades at **$0.6311**, up 33.09% over the past month. While the Gemini glitch caused momentary excitement, the Ripple ecosystem remains far from sustaining a $50 valuation organically.
FAQ Section
Q: Why did XRP briefly hit $50 on Gemini?
A: A technical glitch combined with low liquidity caused an erroneous price display. No actual trades occurred at $50.
Q: Which exchanges have relisted XRP?
A: Gemini, Coinbase, Kraken, and Bitstamp relisted XRP after Ripple's favorable court ruling.
Q: What was the court's decision on XRP?
A: Judge Torres ruled that XRP sales to the public do not qualify as securities under federal law.
👉 Learn more about Ripple's legal milestones
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